{"title":"首席执行官的过度自信和人口特征是否会缓和研发投资对公司业绩的影响？","authors":"Feiyang Guan, Tienan Wang","doi":"10.1108/mip-05-2023-0242","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This paper aims to examine the influence of overconfident or conservative CEOs on the performance feedback of R&D investment, as well as the combined impact of CEO overconfidence and demographic characteristics on the relationship between performance feedback of R&D investments.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>Grounded in the upper echelon theory, listed companies in China are selected as samples, and the Heckman two-stage model is used to examine all the models.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>This paper reveals that overconfident CEOs tend to make suboptimal investment decisions. These decisions are influenced by cognitive biases that have a negative impact on the performance of R&D investments. However, the negatively moderating effects of CEO overconfidence can be mitigated if they have overseas experience or academic background, or they are younger.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>These mechanisms highlight the various ways in which CEO psychological factors and demographic characteristics can complement each other.</p><!--/ Abstract__block -->","PeriodicalId":48048,"journal":{"name":"Marketing Intelligence & Planning","volume":null,"pages":null},"PeriodicalIF":3.6000,"publicationDate":"2024-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Do CEO overconfidence and demographic characteristics moderate the effect of R&D investment on firm performance?\",\"authors\":\"Feiyang Guan, Tienan Wang\",\"doi\":\"10.1108/mip-05-2023-0242\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This paper aims to examine the influence of overconfident or conservative CEOs on the performance feedback of R&D investment, as well as the combined impact of CEO overconfidence and demographic characteristics on the relationship between performance feedback of R&D investments.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>Grounded in the upper echelon theory, listed companies in China are selected as samples, and the Heckman two-stage model is used to examine all the models.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>This paper reveals that overconfident CEOs tend to make suboptimal investment decisions. These decisions are influenced by cognitive biases that have a negative impact on the performance of R&D investments. However, the negatively moderating effects of CEO overconfidence can be mitigated if they have overseas experience or academic background, or they are younger.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>These mechanisms highlight the various ways in which CEO psychological factors and demographic characteristics can complement each other.</p><!--/ Abstract__block -->\",\"PeriodicalId\":48048,\"journal\":{\"name\":\"Marketing Intelligence & Planning\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.6000,\"publicationDate\":\"2024-08-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Marketing Intelligence & Planning\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1108/mip-05-2023-0242\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Marketing Intelligence & Planning","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1108/mip-05-2023-0242","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}
Do CEO overconfidence and demographic characteristics moderate the effect of R&D investment on firm performance?
Purpose
This paper aims to examine the influence of overconfident or conservative CEOs on the performance feedback of R&D investment, as well as the combined impact of CEO overconfidence and demographic characteristics on the relationship between performance feedback of R&D investments.
Design/methodology/approach
Grounded in the upper echelon theory, listed companies in China are selected as samples, and the Heckman two-stage model is used to examine all the models.
Findings
This paper reveals that overconfident CEOs tend to make suboptimal investment decisions. These decisions are influenced by cognitive biases that have a negative impact on the performance of R&D investments. However, the negatively moderating effects of CEO overconfidence can be mitigated if they have overseas experience or academic background, or they are younger.
Originality/value
These mechanisms highlight the various ways in which CEO psychological factors and demographic characteristics can complement each other.
期刊介绍：
Marketing Intelligence & Planning (MIP) facilitates communication between researchers and practitioners, providing the users of research with a wealth of robust and relevant information. At a time when some journals are losing their relevance to industry and practical requirements, MIP successfully offers a bridge between academic and practitioner thinking, while retaining a high level of scientific rigour.
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